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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10790
Experience:  Barrister 17 years experience
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My husband and I part own a house with my sister (26%). She

Resolved Question:

My husband and I part own a house with my sister (26%). She has the majority share while her partner has a smaller share -may be 7%. Now, however, my sisters partner does not want to speak to us, or indeed SEE us ever again. (After a row). There is no mortgage on the property but all parties are over 60.
We have been living in a caravan for the best part of 2 months now. The situation is not going to change so we now will have to have our money out of the property in order to be able to purchase a home for us.
Can we insist on selling the property if they can't raise the money.
Thank you,
Patricia.
Submitted: 3 years ago.
Category: Law
Expert:  Buachaill replied 3 years ago.

Buachaill :

1. Yes, you will be able to insist on a sale of the property to realise the monetary value of your interest if your sister and her partner cannot raise the money to pay you the value of your share. The law does not force any part owner of property to be "locked in" to owning the property. So you will be able to force a sale of the property. All properties in England and Wales are held on what is known as a trust for sale. This assumes that all parties may sell when they wish to realise their interest.

Customer:

Thank you for your response

Customer:

Thank you for your response. Is there an acceptable timescale to adhere to? E.g. 6 months,

Buachaill :

2. Yes 3-4 months is sufficient. You simply give notice of your intention to sell your interest and give them 14 days to express an interest to buy you out. Then should this not happen, then you give a time period within which you wish to sell the property.

Customer:

How should I word a letter with the above intention?

Buachaill :

3. Simply word it that you express your intention to sell your share, and in default of them buying your share you reserve your right to put the property on the open market in order to sell the property to realise your interest.

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